On Aug. 24, 2022, President Joe Biden announced his over $400 billion initiative to cancel the student loan debt of millions of American borrowers. This was an advancement in, but not fulfillment of, his campaign promise to forgive all two- and four-year undergraduate federal student debt. The President’s Executive Action has attempted to use the 2003 Higher Education Relief Opportunities for Students Act to justify the plan; the HEROES Act was meant to provide debt relief to combat veterans returning home with outstanding or recently incurred debt.